ZEPHYR REPORTS ASSAYS FROM WINDY GULCH

(ZFR.V) Nov. 8, 2018 – Zephyr Minerals Ltd. has reported assay results for diamond-drill hole WG-18-40 drilled on the Windy Gulch segment of the Dawson gold project in Colorado. Highlights include 4.8 g/t of gold intersected over 6.6 metres (21.6 feet).

This is the final drill hole in the current drill program and was drilled to extend the high-grade gold mineralization on the east side of the Windy Gulch segment. Follow-up drilling is warranted to test further continuity of gold mineralization at depth of WG-18-40. WG-18-40 has been analyzed by fire assay only and additional screen metallic assays are pending for samples exceeding 2 g/t gold. If there are significant differences in the screen metallic assays, results will be reported in a subsequent release. Typically, the more comprehensive screen metallic assays at Dawson can be 5 to 10 percent greater than standard fire assays.

“Overall, the 2018 drill program was successful despite disappointments in a few of the drill holes, such as WG-18-37 on the Windy Gulch segment which indicated the presence of a granitic dike crossing through the gold mineralization in this area, and DA-18-12 and DA-18-13 on the Dawson segment which closed off the gold mineralization on the east boundary of the current resource albeit only at a shallow depth,” said Zephyr president and CEO Loren Komperdo. “These results were offset by positive results in the western area of the Dawson segment, where drill holes DA-18-15 and DA-18-16 intercepted 2.7 m of 8.7g/t gold and 3.4 m of 17.6 g/t respectively.”

The Phase 2 drill program is in the planning stage for the first quarter of 2019 and it is anticipated, subject to funding, to significantly expand the drilling effort with targets slated for drilling on (from east to west), the Sentinel, Dawson, Windy Gulch and Windy Point segments. The Sentinel segment is considered highly prospective over a strike length of at least 1,000 metres and has never been drilled. Gold mineralized intercepts on the Sentinel segment have the potential to be transformative for the Dawson project given the size of this new area.

On the Dawson segment, the potential for resource expansion is at depth, requiring drill holes in the order of 250 to 400 metres. Future drilling on the Windy Gulch segment will focus on the areas adjacent to diamond-drill holes WG-18-37 and WG-18-40, where there is high potential for positive results. Drill holes originally planned for the 2018 program at the Windy Point segment will follow up on very favourable results from a reconnaissance drill program by Uranerz USA Ltd. in 1990. Notable results included DWP-9002 and DWP-9003 which intercepted 6.1 metres of 9.0 g/t gold and 6.1 metres of 15.0 g/t gold respectively.

Excluding the Copper King segment, which is considered a low-priority target at this time, the Phase 2 drill program will be targeting drill holes over an overall strike length of approximately 1,800 metres of favourable structure. Given the scope of the planned drill program, 2019 could be an important year for resource growth on the Dawson project.

The 2018 field season will wind up with the completion of a soil geochemistry program on the Sentinel segment in late November, designed to assist in identifying additional drill targets in this area for the Phase 2 program.

Zephyr Minerals continues to advance its 100-percent-owned high-grade Dawson gold project and Green Mountain property in Colorado. After completing a positive preliminary economic assessment, Zephyr is continuing with permitting and additional engineering, with a near-term focus on exploration and resource expansion.

Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.

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